Accial Capital Invests in Indonesian Fintech AwanTunai to Digitize Indonesia’s Cash Economy
Jakarta, 20 July 2020 — AwanTunai, an Indonesian fintech startup, has raised up to US$20 million in a debt facility to finance loans to suppliers and micro-merchants led by private debt investor Accial Capital.
Founded in 2017 by Dino Setiawan, Windy Natriavi, and Rama Notowidigdo, AwanTunai seeks to digitize Indonesia’s offline, fast-moving consumer goods (FMCG) and food supply chain by providing micro-merchants access to supply chain financing services. Leveraging valuable merchant transaction data that is predictive of credit performance, AwanTunai can originate low-interest financing to this underserved and unbanked segment.
“Our vision is affordable financing for the millions of underserved micro businesses that employ 90% of Indonesia’s workforce. We collaborate with banks and funds that understand our transaction data-based risk management. Low cost institutional capital accessing Indonesia’s vast unbanked and underbanked market is the way to achieve impact at scale.” said Dino Setiawan, Chief Executive Officer of AwanTunai.
Michael Shum, Chief Investment Officer of Accial Capital added, “AwanTunai’s unique approach to managing credit risk in this segment sets it up well to scale quickly but responsibly, allowing thousands of micro-merchants to expand their businesses even during the COVID crisis.”
For Indonesia’s 60 million micro-merchants, cash remains a mainstay of doing business. Major hurdles in lending to merchants have traditionally been a lack of data for formal credit underwriting and market fragmentation.
AwanTunai intends to use the funds to accelerate the expansion of its wholesaler supplier financing and AwanTempo, its flagship inventory purchase financing program that enables merchants to seize the opportunity to sell more, earn more, and improve cash flow management. It last raised a US$4.3 million series A round in 2017, led by Insignia Venture Partners and AMTD group.
About Accial Capital
Accial Capital is an impact-focused, tech-enabled investor in small business and consumer loan portfolios in Latin America and Southeast Asia. Accial Capital combines data, technology, capital, and credit expertise to contribute to a world of widespread credit access and financial health.
About AwanTunai
AwanTunai is digitizing a closed-loop payment system with distribution financing for the offline FMCG and staple food supply chain in Indonesia. Working with wholesalers, AwanTunai serves underserved micro SMEs (‘warung’ grocery stores) with inventory ordering, digital payments, and low-cost inventory purchase financing.
